Newbie--open a LLC or corp for tax deduction?
Hi there.
I'm just beginning and in process of purchasing some real estate courses and materials. Should I be opening a LLC or corp so that I can begin deducting these costs? Since I'm not familiar on how to set this up, should I purchase perhaps William Bronchik's courses to learn or just get an accountant? If I purchase the course, can it be deducted later after the LLC is set up? Lastly, I promise 
, should I buy the LLC or should I buy the corp course if I want to do subject2 and advance to other types in the future? Thanks guys. All insights are GREATLY appreciated!!! Really want to safe a buck or two.
Cynthia
Cynthia48,
Glad to meet you.
You have a new twist to real estate investing, most investors are concerned with the how to handle the profits they make from buying and selling houses and you want to know how to deduct the price of a course.
Just having a little fun with you.
Talk with a Tax Consultant or a CPA everyone structures their corporate entity based on the type of investing they are going to do.
This way you will talk with someone who will help you structure your business affairs with what you personally need.
Welcome on board this board, I will have to admit I have read many posts but yours was a new one for me.
John $Cash$ Locke
My advice is form the LLC but get a lawyer who does escrow and will do closings for you also... The LLC will cover your tail from your own personal property getting attacked in case some idiot decides to sue you or something cause they want to get paid for nothing like every squirrel in the USA looking to get a nut. The Tax write offs and the secret unknown of hiding behind an LLC are great in this business. No one knows who really owns the properties in the county records besides the LLC which is like a person of its own. My business partner and I use the LLC as an excuse to have to call a fictitious person to get permission to make decisions while negotiating also...very nice ploy I have found when talking bottom line.Even though we are equal partners in the LLC we show ourselves on our business cards as "buyer/ associate...which makes the seller think that we do really have to ask permission to make certain deals....hehehehe..works like a charm.
What lenders have you found that will allow you to use the LLC, with a personal guarantee, that will let you have the residential rather than commercial loan packages?
[addsig]
Isn't it true that the properties should be in a Land Trust first, then put into the LLC.
I'm trying to figure this out so when I go to the attorney I can be sure he knows what needs to be done
I wish there were someone on this board that could do this for me in Florida. I spoke to my CPA he says thats an attorney question so when I go to attorney I'm thinking he'll say see a CPA
I keep putting off setting up an LLC and Land trust for rental properties because I don't understand it well enough to explain what I want and need
OH Well, I'll keep listening to you guys,I seem to trust this board to lead in the right direction
LynLinz,
This is a question for the legal forum. You will be more likely to get a meaningful response if you post your question there.